Business & Finance Springfield, MA Pop. 155,929

Loan Officer Salary in Springfield, Massachusetts

The median loan officer salary in Springfield, MA is $69,027 per year, which is 5.0% above the national median and 26.1% below the Massachusetts state average.

City Median
$69,027
vs State Avg
$-24,324
vs National
+$3,287
Cost of Living
98%

Loan Officer Salary in Springfield by Experience

In Springfield, an entry-level loan officer earns around $39,900, while experienced professionals earn up to $136,500 per year. The local cost of living index is 98% of the national average.

Entry Level (0-2 yrs)
$39,900
+$1,900 vs national
Mid Level (3-7 yrs)
$69,300
+$3,300 vs national
Senior Level (8+ yrs)
$136,500
+$6,500 vs national

Salary Percentiles in Springfield, MA

Percentile Springfield
10th Percentile $36,960
25th Percentile $47,670
Median (50th) $69,027
75th Percentile $105,000
90th Percentile $161,490

Loan Officer Salary in Other Massachusetts Cities

Cambridge, MA
$109,786
Pop. 118,403
Boston, MA
$104,527
Pop. 675,647
Worcester, MA
$76,916
Pop. 206,518
Lowell, MA
$73,629
Pop. 115,554

How to Become a Loan Officer in Springfield

Education

Most loan officer positions require a bachelor's degree. Springfield and the surrounding Massachusetts area have institutions offering relevant programs.

Key Skills

Credit AnalysisMortgage LendingCustomer ServiceRegulatory ComplianceSalesFinancial Software

Job Outlook

Nationally, loan officer employment is projected to grow 3% over the next decade (as fast as average). Demand in Springfield may vary based on local industry and population growth.

Find Loan Officer Jobs in Springfield

Browse open loan officer positions in Springfield, MA:

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Frequently Asked Questions: Loan Officer Salary in Springfield

How much does a Loan Officer make in Springfield, MA? ▼
The median loan officer salary in Springfield, Massachusetts is $69,027 per year, which is 5.0% above the national median of $65,740. Salaries range from $36,960 (10th percentile) to $161,490 (90th percentile).
How much does a Loan Officer make per hour in Springfield? ▼
Based on the median annual salary of $69,027, a loan officer in Springfield earns approximately $33 per hour assuming a standard 2,080-hour work year.
How does Springfield compare to the Massachusetts state average for loan officer pay? ▼
Springfield's median loan officer salary of $69,027 is 26.1% below the Massachusetts state average of $93,351. The local cost of living index is 98% of the national average.
What is the cost of living in Springfield, MA? ▼
Springfield has a cost of living index of 98% compared to the national average. This means a loan officer salary of $69,027 in Springfield has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Springfield? ▼
Most loan officer positions in Springfield require a bachelor's degree. Key skills include Credit Analysis, Mortgage Lending, Customer Service, Regulatory Compliance. The job market is projected to grow 3% nationally over the next decade.